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Federal Savings Bank, Union Bank sign agreement to offer residential mortgages

Chicago-based Federal Savings Bank and Richmond, Va.-based Union Bank & Trust entered a definitive agreement to offer Federal Savings Bank residential mortgages from Union Bank & Trust's locations.

As a result of this agreement, Union Bank will phase out the operations of its Ruther Glen, Va.-based subsidiary Union Mortgage Group Inc.

Robert Jones, regional senior vice president at the Federal Savings Bank, will lead the initiative. Furthermore, Federal Savings Bank will hire the vast majority of Union Mortgage employees.

Federal Savings Bank is a unit of National Bancorp Holdings Inc., while Union Bank is a unit of Union Bankshares Corp.